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DECISION OF BOARD OF THE EURASIAN ECONOMIC COMMISSION

of June 25, 2014 No. 93

About the Procedure for development and taking measures, directed to stabilization of economic situation in case of excess by state members of the Customs union and the Common economic space of quantitative values of the macroeconomic indicators determining stability of economic development

In pursuance of article 7 of the Agreement on the approved macroeconomic policy of December 9, 2010 the Board of the Eurasian economic commission solved:

1. Approve the enclosed Procedure for development and taking measures, directed to stabilization of economic situation in case of excess by state members of the Customs union and the Common economic space of quantitative values of the macroeconomic indicators determining stability of economic development.

2. This Decision becomes effective after 30 calendar days from the date of its official publication.

Chairman of Board of the Eurasian economic commission

V. Khristenko

 

Approved by the Decision of Board of the Eurasian economic commission of June 25, 2014, No. 93

Procedure for development and taking measures, directed to stabilization of economic situation in case of excess by state members of the Customs union and the Common economic space of quantitative values of the macroeconomic indicators determining stability of economic development

1. This Procedure is developed for the purpose of implementation of article 7 of the Agreement on the approved macroeconomic policy of December 9, 2010 (further - the Agreement) and determines the sequence of actions of the Eurasian economic commission (further - the Commission) and state members of the Customs union and the Common economic space (further - state members) in case of the development and taking measures directed to stabilization of economic situation in case of excess by state members of quantitative values of the macroeconomic indicators determining stability of economic development.

2. In this Procedure the used concepts mean the following:

"the macroeconomic indicators determining stability of economic development" - the indicators calculated according to the Method of calculation of the macroeconomic indicators determining stability of economic development of state members of the Customs union and the Common economic space, the Board of the Eurasian economic commission approved by the Decision of June 25, 2013 No. 144, quantitative values of which are stipulated in Item 4 articles 5 of the Agreement;

"national measures" - the actions performed by state member at the national level for stabilization of economic situation and ensuring sustainable economic development of this state;

"stabilization of economic situation" - process of reduction of economy of state members in stable condition by taking measures to correction to the arisen adverse economic situation and recovery of quantitative values of macroeconomic indicators;

"joint efforts" - the collateral actions of state members directed to stabilization of economic situation and increase in stability of economic development in the state member which exceeded quantitative values of macroeconomic indicators;

"authorized bodies" - the executive bodies performing functions on forming of state policy and normative legal regulation in the field of economy, finance and in other spheres and also the Central (national) Banks of state members (under approval).

3. If by results of the monitoring of the macroeconomic indicators determining stability of economic development which is carried out by the Commission excess by state member following the results of 2 consecutive quarters of quantitative values of debt of the sector of public administration is revealed and (or) the rate of inflation (consumer price index) and (or) exceeding following the results of year of quantitative value of deficit of the consolidated budget of the sector of public administration, the Commission and state members perform the following actions:

a) The commission together with representatives of authorized bodies of the state member which exceeded quantitative values of macroeconomic indicators holds consultations for preparation of the recommendations submitted on elimination of the allowed variations.

The term of carrying out such consultations is established by authorized bodies of the state member which exceeded quantitative values of macroeconomic indicators in coordination with the Commission and cannot constitute more than 90 days from the date of fixing of exceeding of such values;

b) authorized bodies of the state member which exceeded quantitative values of the macroeconomic indicators, taking into account results which are carried out according to the subitem "an" of this Item of consultations within 90 days after the end of the period in which there was exceeding inform the Commission on the national measures taken by them aimed at ensuring compliance with quantitative values of macroeconomic indicators;

c) in case of preserving in state member of unstable economic situation following the results of the quarter following after the end of the period in which there was exceeding no later than 30 days after receipt of information provided according to the subitem "b" of this Item and taking into account results of the consultations of the offer on the recommendations submitted on stabilization of economic situation in this state member which are carried out according to the subitem "an" of this Item in accordance with the established procedure are submitted for consideration of Board of the Commission;

d) The board of the Commission within 30 days after receipt of information on the macroeconomic indicators determining stability of economic development brings for consideration at meeting of Council of the Commission question of feasibility of development of joint efforts and of terms of their preparation:

in case of excess by state member following the results of 4 consecutive quarters of quantitative values of debt of the sector of public administration and (or) the rate of inflation (consumer price index);

in case of excess by state member following the results of the year following after year in which exceeding, quantitative value of deficit of the consolidated budget of the sector of public administration was fixed.

According to the offer of the state member which exceeded quantitative values of macroeconomic indicators, the decision on feasibility of development of joint efforts can be made by Council of the Commission before completion of the period specified in paragraphs second and third this subitem;

e) after adoption by Council of the Commission of the decision on feasibility of development of joint efforts the Commission together with authorized bodies of state members in time, not exceeding 2 months, develops joint efforts.

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